Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Crosby closed a $20 million Series A in October 2025 led by Index Ventures, with participation from Bain Capital Ventures, Sequoia Capital, Elad Gil, Patrick Collison, and Cooley LLP.</li><li>Crosby expanded intake beyond Slack to include email and set a four‑hour review SLA, returning redlines within hours.</li><li>Crosby&#39;s agentic AI already learns which redlines are least likely to create bottlenecks, positioning the company to extend into negotiation automation that could simulate alternate clauses and automate back-and-forth markups.</li></ul>

Crosby closed a $20 million Series A in October 2025 led by Index Ventures, with participation from Bain Capital Ventures, Sequoia Capital, Elad Gil, Patrick Collison, and Cooley LLP.Crosby expanded intake beyond Slack to include email and set a four‑hour review SLA, returning redlines within hours.Crosby&#39;s agentic AI already learns which redlines are least likely to create bottlenecks, positioning the company to extend into negotiation automation that could simulate alternate clauses and automate back-and-forth markups.

<ul><li>DeepJudge raised a $41.2 million Series A in November 2025 led by Felicis, valuing the company at approximately $300 million pre-money.</li><li>The platform&#39;s value proposition centers on dramatically reducing the time lawyers spend searching for precedents and institutional knowledge.</li><li>Thomson Reuters, LexisNexis, and other legal technology incumbents are rapidly integrating AI capabilities into their existing platforms.</li></ul>

DeepJudge raised a $41.2 million Series A in November 2025 led by Felicis, valuing the company at approximately $300 million pre-money.The platform&#39;s value proposition centers on dramatically reducing the time lawyers spend searching for precedents and institutional knowledge.Thomson Reuters, LexisNexis, and other legal technology incumbents are rapidly integrating AI capabilities into their existing platforms.

<ul><li>Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.</li><li>First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.</li><li>Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.</li></ul>

Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

<ul><li>Foundation model companies OpenAI & Anthropic commoditized the first wave of vertical AI companies that reasoned over public data—like web PDFs, patents and earnings calls—with agentic products that browse the web, do deep research and build datasets, spurring the next wave of vertical AI companies that focus on integrating frontier models with vertical-specific workflows, embedded with proprietary telemetry that captures document diffs, user corrections & tool calls.</li><li>In highly-regulated, risk-averse industries, less than 1% of manual workflows have been replaced with AI as companies fear IP exposure through third-party models, unauditable changes to high-stakes documents, and AI-generated content they can't verify or trace back to source material, creating the opportunity for companies like Raycaster for biotech (Seed, Y Combinator) alongside bigger players like Harvey for law ($21M Series A, Sequoia) and Hebbia for finance ($30M Series A, Index Ventures).</li><li>Today&#39;s emerging vertical AI playbook: 1) embed engineers a la Palantir&#39;s forward-deployed model to build AI workflows and automate away manual processes, 2) hire domain experts as internal evaluators through a Mercor-like contractor network to tune &amp; improve outputs, and 3) capture customers’ usage data to continually improve the system.</li></ul>

Foundation model companies OpenAI & Anthropic commoditized the first wave of vertical AI companies that reasoned over public data—like web PDFs, patents and earnings calls—with agentic products that browse the web, do deep research and build datasets, spurring the next wave of vertical AI companies that focus on integrating frontier models with vertical-specific workflows, embedded with proprietary telemetry that captures document diffs, user corrections & tool calls.In highly-regulated, risk-averse industries, less than 1% of manual workflows have been replaced with AI as companies fear IP exposure through third-party models, unauditable changes to high-stakes documents, and AI-generated content they can't verify or trace back to source material, creating the opportunity for companies like Raycaster for biotech (Seed, Y Combinator) alongside bigger players like Harvey for law ($21M Series A, Sequoia) and Hebbia for finance ($30M Series A, Index Ventures).Today&#39;s emerging vertical AI playbook: 1) embed engineers a la Palantir&#39;s forward-deployed model to build AI workflows and automate away manual processes, 2) hire domain experts as internal evaluators through a Mercor-like contractor network to tune &amp; improve outputs, and 3) capture customers’ usage data to continually improve the system.

Levi Lian, CEO Of Raycaster, On Why Vertical AI Is Workflows First & Chat Last

<ul><li>Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.</li><li>Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.</li><li>Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.</li></ul>

Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

United States

AI assistant for legal research and document review used by law firms and in-house counsel

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Harvey (HARVEY US)

Primer: Crosby - 14 Dec 2025

Hybrid AI law firm combining AI speed with human oversight to review contracts rapidly

Sacra

Primer: DeepJudge - 11 Nov 2025

Tool for legal teams to search internal documents and automate knowledge-based workflows

Sacra

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

Can you tell us what Asteroid is and what inspired you to start the company...

Sacra

Levi Lian, CEO Of Raycaster, On Why Vertical AI Is Workflows First & Chat Last

What is Raycaster in short and what inspired you to start the company...

Sacra

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

At Hebia, what Fireworks AI features did you actually use? For example, serverless endpoints or fine tuning? And what did your typical inference...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)